Ameriprise Financial Inc. lowered its holdings in GTT Communications Inc (NYSE:GTT) by 17.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,503 shares of the technology company’s stock after selling 8,618 shares during the period. Ameriprise Financial Inc. owned approximately 0.10% of GTT Communications worth $1,314,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of GTT. BNP Paribas Arbitrage SA raised its position in shares of GTT Communications by 2,153.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock valued at $109,000 after purchasing an additional 3,295 shares during the period. Legal & General Group Plc increased its holdings in GTT Communications by 14.1% during the 2nd quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after acquiring an additional 907 shares during the period. Laurion Capital Management LP bought a new stake in GTT Communications during the 2nd quarter worth approximately $266,000. Dynamic Technology Lab Private Ltd bought a new stake in GTT Communications during the 2nd quarter worth approximately $270,000. Finally, ClariVest Asset Management LLC increased its holdings in GTT Communications by 79.2% during the 3rd quarter. ClariVest Asset Management LLC now owns 8,600 shares of the technology company’s stock worth $272,000 after acquiring an additional 3,800 shares during the period. 65.26% of the stock is currently owned by institutional investors.
In other news, Director S Joseph Bruno sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $40.50, for a total value of $40,500.00. Following the completion of the sale, the director now owns 108,467 shares of the company’s stock, valued at approximately $4,392,913.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mcmullen Family Trust acquired 60,000 shares of the business’s stock in a transaction dated Tuesday, November 21st. The stock was acquired at an average cost of $0.65 per share, with a total value of $39,000.00. Insiders sold a total of 33,000 shares of company stock worth $724,280 in the last three months. Insiders own 25.70% of the company’s stock.
A number of analysts recently weighed in on the stock. Zacks Investment Research lowered shares of GTT Communications from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Oppenheimer upped their target price on shares of GTT Communications from $39.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, December 20th. Finally, Craig Hallum reaffirmed a “buy” rating and set a $50.00 target price (up previously from $40.00) on shares of GTT Communications in a report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $44.33.
Shares of GTT Communications Inc (GTT) traded down $1.25 during trading hours on Friday, hitting $44.55. 261,212 shares of the stock were exchanged, compared to its average volume of 263,647. The company has a market cap of $1,950.00, a price-to-earnings ratio of -79.55, a price-to-earnings-growth ratio of 18.19 and a beta of 1.06. GTT Communications Inc has a 1 year low of $22.95 and a 1 year high of $47.75. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 4.08.
GTT Communications (NYSE:GTT) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.04 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.07. GTT Communications had a negative net margin of 3.78% and a positive return on equity of 1.89%. research analysts forecast that GTT Communications Inc will post -0.77 earnings per share for the current fiscal year.
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About GTT Communications
GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.
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